Taking out loans on Centrelink can be quite helpful especially for those instances when you need some cash boost to manage unplanned expenses or even planned ones. It can be used to settle one-off expenses like an out of the blue medical bill, car repairs, or vet bills. If you’re planning on moving to a new rental property, the funds may be used to serve as a bond so you can move in as soon as you can. Some people use the funds to pay for their holidays or use it to find birthday celebrations, anniversaries or weddings.
Understanding loans for Centrelink
Centrelink Loans are personal loans aimed at people who are currently on Centrelink benefits. A lot of traditional lenders and banks will usually disregard benefits as a form of income and will only take note of the actual earnings of the borrower. This makes it tricky for customers on Centrelink to get access to financing. At SamedayLend, we are more than happy to accommodate borrowers on Centrelink benefits. We work with lenders who recognize Centrelink benefits as a form of income, whether 100% or mixed with other income sources.
Loans on Centrelink qualifications
To qualify for Centrelink loans, you must be earning more than $1850 a month. This could be 100% Centrelink income or it could be a mix of both your regular earnings and benefits. In addition, you will also need to meet the following qualifications:
- You are no younger than 18 years old
- Your take-home income, benefits included, must be more than $425 weekly
- You are a resident or citizen of Australia
- Your income is being paid directly into your bank account
Accepted Centrelink benefits
Among the accepted Centrelink benefits are:
- Aged Pension
- Single Parent Payments
- Mobility Allowance
- Centrelink Pensions
- Disability Support Pension
- Child Care Benefit
- Veterans Affairs Pension
- Carers Payment Pension
- Partnered Parent Payment
- T&PI or Totally and Permanently Incapacitated Pension
- Jobseeker Payment
Not accepted Centrelink benefits
As much as our lenders would want to accommodate all types of Centrelink incomes, this is just not feasible. Below are Centrelink payments that are not eligible for Centrelink loans:
- Youth Allowance
If you are relying 100% on Centrelink benefits as your main source of income, the maximum that our lender partners can offer is a loanable amount of $5000. If you wish to borrow a more substantial amount, it is still possible. However, you will need an asset to secure the debt against. This could be a property or our vehicle.
Are pensioners qualified to take out loans on Centrelink?
Pensioners are among those receiving Centrelink benefits that we accept. They can take advantage of flexible instant cash loans which they can then use for a variety of purposes. However, it’s important to note that this is still going to be subject to the verification of our lenders. These loan applications will be verified to ensure that they are suitable to the borrower, not only in terms of his needs but also with his capacity to pay.
What documents do you require?
We take pride in our simplified application process. You will need to provide us with thick pages of supporting documents as most of the details we require are basic information you can easily provide. We will need you to confirm your personal details including your address, contact details, regular expenses, as well as your employment details. You may also be asked to provide a copy of your bank statements for the last 90 days.
Can I take out a Centrelink loan even with bad credit?
Certainly. The lenders we have partnered with are known to give due consideration to people with bad credit. Instead of just looking at their past borrowing history, our lender partners are more invested in knowing where things stand now, financially. Their main concern will not be the loans you did not pay back on time before or the defaults you had in the past. Instead, they will look into how much you are currently earning and whether you can afford the loan repayments.